Current ACAP Momentum/Trend Model Signal: POSITIVE (Day Count = 1)
The SPX index gained 30bps during yesterday’s session, hitting yet another new all-time closing high at 6532. Momentum and trend indicators have slowly improved and confirmed price. My Spot VIX signal remains “neutral”. My VIX Term Structure signal remains “risk on”. The ACAP Momentum/Trend Model signal shifted to Positive. As I have continued to write, “I believe the index is setting up for a ~5% move higher into year end.” The 6700/7000 range seems well within reason unless we see a major shift.
September 11, 2001 – Never forget what evil looks like or what it is capable of.
God bless those we lost. God bless those who fought. God bless America.
Trade Support:
6400: Previous All-Time High (July 28)
6200: July 7 Low
6147: Previous All-Time High (Feb 19)
6100: Previous Support
6000: Previous Support
Trade Resistance:
6481: All-Time High (Aug 15)
6600: Mid-Point of Uptrend Channel
